ACCT 201 Fundamentals of Financial Accounting

BUAD 202 Statistics for Business and Economics

BUAD 205 Business Communication

ECON 101 Principles of Microeconomics

ECON 102 Principles of Macroeconomics

MATH 211 Calculus I

Complete the following core courses except as noted:

BUAD 393 Business Law

BUAD 394 Business Ethics

BUAD 497 Strategic Management *

FIN 360 Principles of Financial Management

MGMT 225 IT and Data Analytics

MGMT 330 Organizational Behavior

MGMT 340 Operations Management

MKT 320 Principles of Marketing

*The International Business concentration requires IBUS 411 in lieu of BUAD 497.

Participate in a full semester University of Richmond approved study abroad program or complete a course with an international business or international business economics focus. This international focus course also may satisfy a concentration or major requirement.

Required accounting core courses:

ACCT 301 Intermediate Financial Accounting I

ACCT 302 Intermediate Financial Accounting II

ACCT 305 Cost and Managerial Accounting

ACCT 307 Accounting Information Systems

ACCT 312 Federal Tax 1

ACCT 417 Auditing

ACCT 431 Advanced Financial Accounting

Substitutions in the accounting major are permitted if approved by the chair of the accounting department.

Note: A grade point average of no less than 2.0 in the accounting coursework comprising the major is required.

All students declaring a major or minor in the Robins School of Business must first pass an online Excel competency exam. Students will have three attempts to demonstrate competency with a grade of 80% or higher. This is not for a grade or academic credit.

Concentration

The Accounting Concentration

The accounting concentration is available only to students enrolled full time in the Robins School of Business with another concentration in economics, finance, international business, management, or marketing.

In addition to satisfying the B.S.B.A. degree requirements for a Robins School major, the accounting concentration requires a minimum of four courses and a maximum of six chosen from:

ACCT 301 Intermediate Financial Accounting 1 (required)

ACCT 302 Intermediate Financial Accounting 2 (required)

Two to four courses additional, chosen from:

ACCT 305 Cost and Managerial Accounting
ACCT 307 Accounting Information Systems

ACCT 312 Federal Tax 1

ACCT 313 Federal Tax 2

ACCT 417 Auditing

ACCT 431 Advanced Financial Accounting

Notes: Both ACCT 301 and ACCT 302 are required in the concentration. Some of the accounting courses are not offered every semester or every year. Many of the upper-level accounting courses have prerequisites that should be taken into account when planning your curriculum.

Courses

ACCT 201 Fundamentals of Financial Accounting

Units: 1

Description

Introductory financial accounting course focusing on the financial statements that businesses produce to tell their financial story, including profitability, the flow of cash, and the balances these companies have in their various accounts. Discussion of how these financial statements are developed and how investors, creditors, and others use the information in these financial reports to make economic decisions.

ACCT 202 Fundamentals of Managerial Accounting

Units: 1

Description

Introduction to fundamental managerial accounting concepts and the interrelationships among them. Managerial accounting improves the quality of managers' decisions regarding the internal operation of their organizations. Examines how managerial accounting relates to financial accounting and how different interpretations of the term "cost", such as direct vs. indirect, variable vs. fixed, controllable vs. uncontrollable, and irrelevant vs. relevant affects managers¿ decisions making. Also addresses operational budgeting and performance evaluation.

Prerequisites

Accounting 201.

ACCT 215 Volunteer Income Tax Assistance 1

Units: .5

Description

Participation in the national Internal Revenue Service (IRS)-sponsored program that assists individuals with preparing and filing their tax returns. Interact with members of the Richmond community and make a significance difference in their lives by helping them complete their tax returns. Note: Does not count toward the accounting major or concentration.

ACCT 301 Intermediate Financial Accounting 1

Units: 1

Description

Close examination of the creation of financial statements and the theory and process behind the numbers and formats used on those financial reports. Provides the theoretical and practical foundation needed to address all financial reporting topics with particular emphasis on financial statement formats, revenue recognition, cash and receivables, inventory, property, plant and equipment, intangibles, and investments. Discussion centers around U.S. GAAP requirements, although International Financial Reporting Standards will also be discussed.

Prerequisites

ACCT 201.

ACCT 302 Intermediate Financial Accounting 2

Units: 1

Description

Continues the coverage of some of the most complex accounting issues faced by entities in producing their financial statements such as the reporting of contingencies, leases, deferred taxes, defined benefit pension plans, and earnings per share in order to enable decision-makers to look beyond financial statement explanations and figures to an understanding of the accounting rules and how they are implemented in arriving at financial information that is presented fairly according to U.S. GAAP.

Prerequisites

ACCT 301

ACCT 305 Cost and Managerial Accounting

Units: 1

Description

Exploration of the concepts and tools that assist managers in making complex operational decisions in a dynamic environment in order to determine the cost of goods sold and to value the inventories that manufacturing companies reported on their external financial statements and support the decision-making of cross-functional management teams within manufacturing, merchandising, and service organizations. Interpretation of relevant information in the context of developing, implementing, and evaluating operational plans and objectives.

Prerequisites

ACCT 301 and junior or senior standing.

ACCT 307 Accounting Information Systems

Units: 1

Description

Introduction to accounting information systems with specific emphasis on business processes, risks, and internal controls. Development of an analytics mindset and use data analytics tools (e.g., Excel) to analyze information and make informed business decisions.

Prerequisites

ACCT 301, MGMT 225, and a business school major.

ACCT 312 Federal Tax 1

Units: 1

Description

Focuses on federal taxation in the United States. In-depth look at individual income taxation, including filling out a basic individual tax return and consideration of the tax consequences of personal investment decisions. Also examines entity taxation. Discusses differences between corporate and partnership taxation and the effects of the Tax Cuts and Jobs Act of 2017 (tax reform) as well as potential upcoming tax law changes.

Prerequisites

Accounting 301. Business School major.

ACCT 313 Federal Tax 2

Units: 1

Description

In-depth look at how business entities are taxed under the U.S. tax code. Focuses specifically on the tax rules for C corporations, partnerships, and S corporations. Also covers the Tax Cuts and Jobs Act of 2017 (tax reform) impacted entity taxation and how future tax law changes may impact entity taxation.

Prerequisites

Accounting 312. Business School major.

ACCT 315 Volunteer Income Tax Assistance 2

Units: .5

Description

Follow-up course to ACCT 215 provides extended involvement with the national Internal Revenue Service (IRS)-sponsored program that assists individuals with preparing and filing their tax returns. As in ACCT 215, students will interact with members of the Richmond community and help them complete their tax returns. Gain supervisory skills though reviewing and approving the work of other volunteers prior to submitting completed tax returns to the IRS for processing. Note: Does not count toward the accounting major or concentration.

Prerequisites

ACCT 215, Business School major.

ACCT 328 Directed Independent Study

Units: .5-1

Description

Independent research on an accounting topic conducted under the direct supervision of an instructor.

Prerequisites

Permission of instructor.

ACCT 329 Selected Topics

Units: .5-1

Description

Significant or current accounting topics not covered in other courses to enhance the accounting major.

Prerequisites

ACCT 202 and permission of instructor. Accounting major.

ACCT 417 Auditing

Units: 1

Description

Professional standards for evaluating and reporting on financial statements, and the ethical, legal, and competitive environment of auditing.

Prerequisites

Accounting 302. Business School major.

ACCT 418 Advanced Auditing

Units: 1

Description

Specialized audit topics including operational and compliance audits, attestation engagements, statistical sampling, use of generalized audit software, audits of computer systems, and work paper preparation.

Prerequisites

ACCT 417.

ACCT 421 Accounting Research

Units: .5

Description

Basic theory, concepts, and procedures to effectively handle research in the accounting professional standards including the Accounting Standards Codification, the AICPA Professional Standards, the PCAOB Professional Standards and the Internal Revenue Code.

Prerequisites

ACCT 302 and senior standing

ACCT 431 Advanced Financial Accounting

Units: 1

Description

Focuses on business combinations and consolidated financial statements. Preparation of consolidated financial statements with outside ownership and with intra-entity transactions. Covers foreign currency transactions and hedging foreign exchange risk, and translation of foreign currency financial statements. Introduces government accounting and not-for-profit accounting.

Prerequisites

ACCT 302.